Taking out a loan can be a lifesaver when you need extra cash, but that doesn’t mean you want to spend more than necessary. The good news? There are plenty of ways to cut down on costs, from paying off your loan early to unlocking loyalty perks like Nimble’s Mates Rates.
If you’re looking for ways to save on loan interest or get a better deal, here’s what you need to know.
Pay off your loan early (if you can)
One of the best ways to reduce what you pay on a loan is to make extra repayments or pay it off ahead of schedule. The faster you pay, the less interest builds up. Just check whether your loan has early repayment fees—if not, it’s a great way to cut costs.
Even small extra repayments make a difference over time. Rounding up your monthly repayment or throwing in a little extra when you can helps you get debt-free faster.
Compare your options before borrowing
Not all loans are created equal. Some have lower interest rates, others have hidden fees, and the difference between them can add up fast.
A good way to find the best deal is to check comparison sites and look at:
- Interest rates – A lower rate can save you money, but watch out for hidden catches in the fine print.
- Fees and charges – Upfront, ongoing, and exit fees can add up quickly.
- Loan terms – A shorter term may mean higher repayments but less interest overall.
- Total repayment amount – Consider how much you’ll pay in total, not just the monthly cost.
- Flexibility – Can you make extra repayments?
- Speed of approval – If you need funds quickly, check the lender’s processing times.
- Customer reviews – See what others say about the lender’s service and
Why Refinancing Can Be a Smart Move
Refinancing your loan isn’t just about getting a lower rate—it’s about making your money work better for you. Here’s why it could be a good idea:
Consolidate debt – Roll multiple debts into one for easier management and potentially lower costs.
Save on interest – A lower rate means less paid over the life of your loan.
Reduce fees – Switching to a loan with fewer charges can free up extra cash.
Better repayment options – More flexibility, like extra repayments or redraw facilities, can help you pay off your loan faster.
Last but definitely not least! It’s worth checking if your current lender offers discounts for existing customers. If not, shopping around might be the smarter move.
Use loyalty perks like Nimble’s Mates Rates
One of the easiest ways to save is to borrow from a lender that rewards your loyalty. That’s exactly why Nimble created Mates Rates—it’s a way to say thanks to returning customers with better rates and lower fees.
If you’ve had a loan with Nimble before, your next one could be cheaper. No hoops to jump through, no complicated sign-ups—just automatic discounts based on how many loans you’ve had with us
Want the scoop on Nimble Mates Rates loyalty discounts?
Check out the Mates Rates page for all the details on how being a returning customer can save you money. 🎉
